overdraft payoff?

glen70 · 11 July 2008 at 9:49AM

hi.
i have an overdraft of £2600 with lloyds.paying £25 charges a month would i be better off getting a virgin card and tranfer £2600 onto it for the 15 months 0%?also can somebody tell me what the minnimum payment would be for that ammount on that card?
thanks.

YorkshireBoy · 11 July 2008 at 9:57AM

glen70 wrote: »

...would i be better off getting a virgin card and tranfer £2600 onto it for the 15 months 0%?

Possibly, if you're disciplined and don't run up the overdraft again.

also can somebody tell me what the minnimum payment would be for that ammount on that card?
thanks.

First minimum payment of £80.32, followed by £25 per month thereafter.

Do not use the card for purchases after you've made the BT.

glen70 · 11 July 2008 at 10:00AM

thanks for the responses.i am going to cut up the card so will only be using it for the balance.the first payment will be because of the fee i guess?

YorkshireBoy · 11 July 2008 at 10:04AM

Yes, it's recovered with the first payment.

Calculated as 3% of the balance (which will be £2,600 x 1.0298).

EDIT: Don't forget though, that if you only pay the minimum then at the end of the Virgin intro period you will still have £2,250 of debt.

overdraft payoff?

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